The great surprise of this election, to the members of both of the old parties, was the unexpected strength shown by the candidates of the People's Party. By fusing with the Democrats they received the electoral votes of Colorado, Idaho, Nevada and Kansas, and split the vote in North Dakota and Oregon. This fusion of the People's Party and the Democrats in the West portended serious effects on the destiny of the Democratic Party in subsequent campaigns. President Cleveland was inaugurated March 4, 1893, and begun his second term of four years, which was marked by the worst financial and industrial disasters, affecting thousands upon thousands of the American people, ever known in the history of the country. Before he was inaugurated, a Treaty of Annexation of Hawaii had been signed (February 14, 1893), and was being considered by the Senate, but almost his first act of importance was to withdraw the Treaty from the consideration of the Senate on March 9, 1893. Fear of Democratic tinkering with the tariff began almost immediately with Cleveland's inauguration, and manifested itself in a lack of confidence and general business uncertainty; in addition, the currency was in bad shape, and the business interests feared strongly that the Silver Act of 1890 might result in the adoption of the silver standard for the United States. The evils of the Greenback system were now felt with full force; they could be redeemed in specie, but were not cancelled, and were put in circulation again, thus causing a continuous drain on the gold reserve of the country. The amount of greenbacks in circulation was about $350,000,000, and the Treasury notes issued under the Silver Act of 1890, exchangeable in gold, made a total gold obligation close to $500,000,000. The threatening state of affairs now resulted in a general withdrawal and hoarding of gold, and foreign capital, beginning to lose its confidence in the stability of American affairs, withdrew investments, resulting in a heavy drain on the gold reserve, which now, for the first time, fell below $100,000,000 in April, 1893. The general climax of all of these conditions reached its height in the Summer and Fall of 1893, and a panic of fearful proportions set in, resulting in the collapse of hundreds of banks and involving and ruining business enterprises all over the country. Never before had a panic reached so far or affected so many people as that of this year.